Word: portfolios
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...weren't alone. Cendant, the result of last year's merger of HFS, a franchise company whose brands included Howard Johnson and Avis, and CUC, a kind of discount-shopping club, dazzled many a portfolio manager. After downplaying its accounting "irregularities" last April, the company last week revealed that the CUC side of the business had actually fabricated nearly $300 million in revenues over three years. The stock, which had rebounded to $25, quickly retreated to the high teens. It has since gone lower. And why shouldn't it? Most of the "earnings" that had jacked up the stock were...
Armstrong's vision of the new AT&T is simple enough: hooking up AT&T and TCI (1997 revenues: $7.6 billion) "will enable us to offer a full portfolio of services with one connection from one company. And this is a big deal." So big, in fact, that there was a hint of desperation about the merger, which sped to a conclusion after just eight days of talks in the Manhattan offices of Wachtell, Lipton, AT&T's legal counsel. "Time was closing in on us," says Armstrong, who at 59 remains a man in a hurry who relaxes...
Mike felt emancipated. The next morning he phoned the 800 number of the pension plan. A voice asked him if he wanted to shift some of his holdings from a retirement money-market portfolio to an OTC portfolio. The more buttons he pushed, the more such talk continued. Nobody said anything about Archer Daniels Midland...
...loans. Here I approach each investment as if I'm buying the company: I carefully research the financials, management, customers and competitors. I don't have to know when the stock price will rise, only that it will. I don't talk about it much, but historically that investing portfolio has earned 50% of my profit...
...trading side is a different story. I run that portfolio more like a retailer than a stock picker. I need to have the merchandise that people want on hand when they want it, and if things turn bleak the next day, I want as little inventory as possible. Sometimes I even agree to deliver in the future some merchandise I don't own, because I think I can buy it later at a cheaper price. (This trading of options on the future prices of stocks originated as a way to "hedge" risks, and it's one of the things hedge...